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Nov 14, 2011 | 01:31

Obama urges China to be responsible

Nov. 14 - Obama says China needs to take greater responsibility for it's role as the world's 2nd largest economy. Julie Noce reports.

TRANSCRIPT +

Adding to his earlier statement that China should "play by the rules" when it comes to currency valuation and trade issues, U.S. President Barack Obama said Beijing should refrain from taking advantage of a low currency.
He made the comment at the Asia Pacific Economic Cooperation in Honolulu Sunday evening.
(SOUNDBITE) (English) U.S. PRESIDENT BARACK OBAMA SAYING:
"We try to set up rules that are universal that everyone can follow, and then we play by those rules, and we compete fiercely. But we don't try to game the system. That's part of what leadership's about. Their role is different now than it was 20 years ago, or 30 years ago, where if they were breaking some rules, it didn't really matter. It did not have a significant impact, you weren't seeing huge trade imbalances that had consequences for the world financial system. Now, they've grown up and so they're going to have to mange this process in a responsible way."
Leaders from 21 countries that represent more than half of the world economic output spent the weekend in Honolulu at the summit.
Obama will travel to Indonesia next for the Association of Southeast Asian Nations summit later in the week.
Julie Noce, Reuters

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